Pen Fed

[Anonymous]

6 month ago I got declined for "pyramiding" (I opened 5 new accounts within 1 month total CL is around 60k). They told me they wanted to see how I handle these cards before they can approve me. Should I try again or wait? EQ is 762, 4inq, no negatives. Thank you

[DI]

Wait six more months if all possible.  Let the last inquiry become a year old so it no longer affects your FICO score. 

[Anonymous]

the score does not bother me at all. It is just that for PenFed all the accounts that are less then 2 years old are considered "NEW". Hope it does not mean I have to wait forever to reapply

[DI]

Do yourself a favor and wait six more months.  The longer you wait the better things becomes for you.

[smallfry]

---

@DI wrote:

Do yourself a favor and wait six more months.  The longer you wait the better things becomes for you.

---

Excellent advice.

[Jazzzy]

Hi Lexa...

What's the hurry? In need of more credit now?

Patience shows strength. Show them some strength. Don't waste inquiries by getting turned down for having too many inquiries or too much new credit.

PenFed is great, but you have to get your foot in the door first.

[Anonymous]

I understand. I will have mortgage showing on my report pretty soon and also planning of getting a car loan. Just wanted to get approved for a couple of high limit CU cards before those new accounts show up. Was thinking of PenFed and NavyFed. For some reason I believe that once those new accounts kick in even knowing I will still get approved the lines I will get will be lower. Plus some of my older accounts will show up as closed (I closed both of my accounts with Amex because of their constant reviews and my oldest account Key Bank will show up as closed because they have transfered it to Elan Financial and the new account will not be backdated)

[smallfry]

---

@Anonymous wrote:

I understand. I will have mortgage showing on my report pretty soon and also planning of getting a car loan. Just wanted to get approved for a couple of high limit CU cards before those new accounts show up. Was thinking of PenFed and NavyFed. For some reason I believe that once those new accounts kick in even knowing I will still get approved the lines I will get will be lower. Plus some of my older accounts will show up as closed (I closed both of my accounts with Amex because of their constant reviews and my oldest account Key Bank will show up as closed because they have transfered it to Elan Financial and the new account will not be backdated)

---

Navy Federal might be a different story.